San Francisco -- Faced with slowing revenue and subscriber growth, and unable to find a buyer, San Francisco-based social media giant Twitter said it plans to cut 9% of its global workforce, or about 350 employees, as part of a corporate restructuring. "The restructuring will allow the company to continue to fully invest in its highest priorities, while eliminating investment in non-core areas and driving toward greater efficiency," said Twitter in a regulatory filing. The news comes after Twitter reported third-quarter revenue growth of 9% to $615.9 million, marking its ninth straight quarter of declining growth, and just a 1.7% increase in active users to 317 million. It also comes two weeks after Salesforce.com ended its pursuit of the company. Two other potential suitors, Disney and Google, previously also had dropped out of contention. https://www.sec.gov/Archives/edgar/data/1418091/000156459016026293/twtr-8k_20161025.htm _____________________________________________

o FCC Passes Landmark Online Privacy Rules Aimed at ISPs

Washington, DC -- The Federal Communications Commission (FCC) on Thursday approved a series of new rules requiring Internet service providers (ISPs), such as Comcast and Verizon, to protect the privacy of their customers. The rules mandate that ISPs obtain consent from customers before using and sharing sensitive information like Social Security numbers, browsing history and the content of messages. ISPs, however, can use and share other "non-sensitive" information, like email addresses and service tiers levels, unless a customer specifically opts out. The companies must also meet transparency requirements that clearly outline what information they will collect and how it will be used, engage in reasonable data security practices and notify customers and law enforcement of data breaches. "It's the consumers' information," said FCC Chairman Tom Wheeler. "What this item does is to say that the consumer has the right to make a decision about how her or his information is used." The new rules passed by a 3-2 vote. https://www.fcc.gov/document/fcc-adopts-broadband-consumer-privacy-rules _____________________________________________

o Ending an Era, Groupon to Acquire Daily Deals-Rival LivingSocial

Chicago -- Ending a once fierce rivalry between the two daily deal companies, Chicago-based Groupon said late Wednesday it will acquire Washington, DC-based LivingSocial. Though financial terms of the deal were not disclosed, Groupon said consideration for the acquisition, expected to close by early next month, is "not material." The news marks the end of an era for LivingSocial, which raised more than $1 billion in venture capital and employed over 4,000 workers at its peak. In 2010, the company landed a $175 million investment by Amazon, but continued to pile up massive losses as it struggled to find a workable business model. Three years ago, it began shifting away from daily deals, turning more to higher-margin goods, and founding CEO Tim O'Shaughnessy departed shortly thereafter. Just last month, the company said it was cutting half of its remaining 400 employees. Groupon said the acquisition will bring it roughly 1 million new customers and approximately $15 million of additional quarterly revenue. The LivingSocial brand is expected to remain intact for now. "There will be no change at this point with respect to how consumers and merchants engage with the LivingSocial brand, and the company will remain focused on providing even better experiences to its users as part of the Groupon family in the future," LivingSocial said in a statement. http://investor.groupon.com/releasedetail.cfm?releaseid=995675 http://corporate.livingsocial.com/blog/2016/10/26/livingsocial-enters/ _____________________________________________

o NEA Promotes Two to General Partner, Names Chang Chairman of Asia

Menlo Park, Calif. -- New Enterprise Associates (NEA), the venture capital firm with West Coast operations based in Menlo Park, said it has promoted Mohamad Makhzoumi and Chetan Puttagunta to general partner, while elevating partner Carmen Chang to chairman and head of Asia. Makhzoumi is head of the firm's healthcare services and IT investing practice, and Puttagunta is a technology investor focused on enterprise software. Chang, meanwhile, has played a key role in helping the firm's U.S.-based portfolio companies conduct business in China. In addition, two members of the firm's portfolio services team, Albert Lee and Holly Rose Faith, were promoted to design partner and talent partner, respectively. http://www.nea.com http://www.nea.com/news/press-releases/nea-promotes-makhzoumi-and-puttagunta-to-general-partner-chang-named-chairm _____________________________________________

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